I am the sole beneficiary of my late grandmother’s estate with all property in now in my sole name, including the my former home in Ogmore Vale. Conveyancing formalities meant that the Land Registry date was in December. I want to move. I understand that there is a Mortgage Lenders six month 'rule', meaning my proprietorship could be treated the same way as though I had purchased the property in December. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook obliges solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be impacted by that. How sensible a view mortgage companies take of it, depend on the bank as this requirement principally exists to capture subsales or the quick reselling of properties.
Two weeks ago we had a mortgage agreed in principle with UBS. Ogmore Vale conveyancing lawyers were selected. How long does it take for UBS to send the offer to the conveyancer?
There is no definitive answer here. Have UBS done the survey? Have you informed UBS as to your lawyers' details and checked that your lawyers are on the UBS conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
We have agreed to purchase a house in Ogmore Vale. An unusual aspect is that the roof has a solar panel. Barclays have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that you are obtaining a mortgage with Barclays your lawyer must check the formal instructions contained in Part two of UK Finance Lenders’ Handbook for Barclays. The Council of Mortgage Lenders’ Handbook includes minimum requirements for solar panel roof-space leases, and conveyancers are required to report to Barclays where a lease does not satisfy these specifications. The conditions relate to the installation of panels on properties in England and Wales and is not limited to Ogmore Vale.
A friend advised me that where I am purchasing in Ogmore Vale I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is usually included in the estimate for your Ogmore Vale conveyancing searches. It is a large document of about 40 pages, listing and detailing significant information about Ogmore Vale around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Ogmore Vale Education with plans and statistics, Local Amenities and other useful data regarding Ogmore Vale.
It has been 2 months following my purchase conveyancing in Ogmore Vale concluded. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am purchasing a new build house in Ogmore Vale with a mortgage from National Westminster Bank. The developers would not budge the amount so I negotiated £7000 of fixtures and fittings instead. The estate agent suggested that I not reveal to my lawyer about this side-deal as it would jeopardize my loan with National Westminster Bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Due to the input of my in-laws I had a survey completed on a property in Ogmore Vale ahead of instructing solicitors. I have been advised that there is a flying freehold overhang to the property. Our surveyor has said that some banks will refuse to give a mortgage on this type of home.
It depends who your proposed lender is. Santander has different requirements for example to Nationwide. Should you wish to telephone us we can look into this further via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Ogmore Vale. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Ogmore Vale to see if the conveyancing costs will increase in light of this.
My husband and I are 18 days into a leasehold purchase having been directed to a firm by the estate agent to do our conveyancing in Ogmore Vale. We are not happy. Can you help me find new conveyancers?
They would need to be very poor in order to consider diss instructing them. Has the mortgage offer been issued? If so you will need to advise them of the replacement solicitor and get the offer are re-issued. Your solicitor ideally should be on the mortgage company approved list to avoid escalating expenses and frustration. So that should be your first question of the new solicitors. The search tool should assist you in finding a bank approved solicitor for your conveyancing in Ogmore Vale